R.H. Donnelley accepts tenders for 99.99% of 10 7/8% notes

By Jennifer Chiou

New York, Oct. 17 - R.H. Donnelley Inc. said investors tendered 99.987%, or $599.92 million, of its 10 7/8% senior subordinated notes due 2012.

The offer ended at 8 a.m. ET on Oct. 17. It began on Sept. 18.

At the consent deadline of 5 p.m. ET on Oct. 1, the company had said it received tenders from holders of 99.9%, or $599.63 million, of the securities.

The company previously received the required consents to eliminate substantially all of the restrictive covenants in the indenture and modify or eliminate other related provisions. As a result, the company executed the supplemental indenture, which became effective on Wednesday.

Noteholders who tendered were required to deliver consents and vice versa.

The company said it paid $1,066.16 for each $1,000 principal amount of notes tendered by the consent deadline. Holders who tendered after that but before the tender deadline received $1,036.16 for each $1,000 principal amount.

R.H. Donnelley also paid accrued interest.

The tender offer was conditioned on the receipt of tenders for a majority of the notes by the early tender deadline and on the receipt of sufficient financing. The company plans to finance the offer with proceeds from parent company R.H. Donnelley Corp.'s senior debt financing.

J.P. Morgan Securities Inc. (212 270-3994 or 800 245-8812) was the dealer manager and solicitation agent. MacKenzie Partners, Inc. (212 929-5500 or 800 322-2885) was the information agent.

R.H. Donnelley is a Yellow Pages and online local commercial search company based in Cary, N.C.

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